Various judgments of the Supreme Court of the State of New York have been rendered in respect of the Notes (the "Judgments").

Some noteholders may be aware ‎that on 7 December 2015 the Company caused a notice to be issued notifying Noteholders that it had purported to relocate and transfer its centre of main interest to England with effect from 9 November 2015

Some noteholders may by also be aware ‎that the Company has issued a Practice Statement Letter dated 7 January 2016 indicating that it intends to execute a "scheme of arrangement" before the English Court to extinguish certain Debt (as defined) including the Notes and the Judgments (the "Scheme"). ‎The first hearing in relation to the Scheme is currently due to take place on 21 January 2016.

APP Investment Opportunity LLC ("APP IO") ‎is a holder of Notes and ‎is opposed to the Scheme which it considers to be unfair and not in the best interests of Noteholders. Among other things, the Scheme would also release the obligations of the Guarantor (which is also jointly liable under the Judgments) and which is a company which appears, based on the documents provided by the Company, to be solvent and have substantial assets. APP IO also has various other concerns about the Scheme, including procedural and jurisdictional concerns about the manner in which the Scheme has been structured.

So far the Company has refused APP IO's request to adjourn the first hearing in relation to the Scheme so as to allow the Company to address the questions on the Scheme which APP IO has raised and so as to give other Noteholders further time to consider this matter.

Therefore, unless its concerns are addressed, APP IO intends to appear before the English Court at the first (and any subsequent) hearings to oppose the Scheme and also intends to vote against it should a creditor vote take place.

Dechert LLP is legal counsel to APP Investment Opportunity LLC

Noteholders who wish to receive more information regarding APP IO's position and concerns about the Scheme should contact APP IO as soon as possible using the details below.